Source: Ukragroconsult (Ukraine)
Brazilian sugar exports increased by 50% to 15.15 million tons in the first half of 2024, with Indonesia being the top destination, according to shipping company Cargonave. This is reported by xm.com.
According to the data, Singapore-based commodity trader Wilmar International was the largest sugar freighter among companies exporting sugar from Brazil, with a 16 percent share, followed by Alvean (15 percent) and Sucden (14 percent).
Indonesia received 12 percent of the raw sugar exported in the first half of the year, India 9 percent and the United Arab Emirates 8 percent.
India is the second largest sugar producer in the world, but some of the refineries along the coast normally import Brazilian sugar to re-export as a refined product.
China, which is normally the largest importer of Brazilian sugar, was the 11th largest destination in the first half of this year, importing only 588,000 tons.
According to analysts, Brazil will produce less sugar in 2024 than in 2023, but the country has large transitional stocks that have ensured a stable supply in the first months of 2024, a traditionally quieter period for sugar shipments.
Another reason for the increase in sugar exports in the first half of 2024 was the rapid start of harvesting and processing of the new crop due to drier weather conditions.